Nomura raises target range for Korean stocks to 10,000-11,000 points

```htmlGelonghui, May 21｜Nomura Securities has raised its 2026 target for the Korea Composite Stock Price Index (KOSPI) to between 10,000 and 11,000 points, citing an expected super cycle in memory chips that will drive earnings growth. The previous forecast was 7,500–8,000 points; 11,000 points is a 53% increase over Wednesday’s KOSPI closing price. Nomura Securities analysts stated that AI-driven revenue, including businesses such as memory chips, power equipment, energy storage systems, and nuclear energy, will deliver sustainable returns on net assets over the next five years. Public companies’ shifts toward higher capital efficiency, shareholder returns, and optimal leverage will support an increase in valuations based on P/E and P/B ratios. Active management and shareholder activism, along with government enforcement actions aimed at improving target return on net assets disclosures and corporate governance standards, will also contribute to lifting the KOSPI.```